MediciNova enters $50 million equity distribution agreement with Lucid

MediciNova Inc. (NASDAQ: MNOV) entered into an equity distribution agreement with Lucid Capital Markets LLC on December 29, 2025, to sell shares of common stock through an at-the-market offering with a maximum aggregate offering price of $50 million.

Under the sales agreement, Lucid Capital Markets will act as sales agent and may sell the common stock by methods deemed to be an at-the-market offering as defined in Rule 415(a)(4) under the Securities Act of 1933. The company will designate the maximum amount of common stock to be sold in any placement under the agreement.

The agent has agreed to use commercially reasonable efforts to sell shares on behalf of MediciNova, subject to the terms and conditions of the agreement. The company may instruct the agent not to sell common stock if sales cannot be effected at or above a price designated by the company in a placement notice.

Both MediciNova and Lucid Capital Markets may suspend the offering upon proper notice to the other party. Each party has the right to terminate the sales agreement at any time by providing written notice as specified in the agreement.

The sales agreement provides that Lucid Capital Markets will receive compensation of 3.0% of the gross sales price per share of all shares sold under the agreement. MediciNova has no obligation to sell any shares under the agreement.

The company has agreed to provide indemnification and contribution to the agent against certain liabilities, including those under the Securities Act. MediciNova will also reimburse certain legal expenses incurred by the agent in connection with the agreement execution up to $75,000, plus certain ongoing legal expenses.

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